TIDMSIS
RNS Number : 7808L
Science in Sport PLC
15 September 2021
15 September 2021
AIM: SIS
SCIENCE IN SPORT PLC
("Group" or "Company")
Interim results for the six months ended 30 June 2021
Growth momentum regained
Company strongly positioned for further progress in H2
HIGHLIGHTS
-- Revenue up 24% to GBP29.3m (H1 2020: GBP23.6m), returning to
20%+ growth rates while negotiating ongoing coronavirus
challenges
o both brands contributed, with PhD sales up 15% to GBP13.4m and
SiS sales up 34% to GBP15.9m
o new product innovation accounted for GBP1.5m (26%) of H1
growth (H1 2020: GBP1.4m)
o non-UK sales increased to 40% of total sales (H1 2020:
38%)
-- Online sales up 44% to GBP15.7m (H1 2020: GBP10.9m),
supported by increased investment - 54% of total revenue (H1 2020:
46%)
-- Retail sales returned to growth despite pandemic restrictions in many key markets;
o UK retail sales up by 8% to GBP8.4m (H1 2020: GBP7.7m)
o International retail sales up by 6% to GBP5.2m (H1 2020:
GBP4.9m)
-- Gross margin increased by 400bps to 52% (H1 2020: 48%),
reflecting continued supply chain efficiencies, increased online
sales, and product mix
-- Underlying* EBITDA of GBP0.6m - after one-off Brexit-related
costs of c.GBP0.7m (H1 2020: underlying loss of GBP0.2m)
-- Capital investment increased to GBP2.7m (H1 2020: GBP0.9m);
investment was focused on the new customer data platform and new
supply chain facility in Blackburn
-- Robust balance sheet with cash of GBP8.2m at 30 June 2021 -
ahead of management expectations (31 Dec 2020: GBP10.5m and 30 June
2020: GBP9.0m)
-- Trading has been strong in the first two months of H2, and
while there are still some challenges and uncertainties, the Group
expects to exceed its revenue targets for the year
*excludes depreciation, amortisation, share-based payments, and
foreign exchange variances on intercompany balances
Stephen Moon, Chief Executive Officer of Science in Sport plc,
said:
" Trading over the first half of the financial year recovered
well, gaining momentum as coronavirus pandemic restrictions lifted.
The Group returned to over 20% revenue growth, overcoming Brexit
supply chain disruptions.
"Gross margin percentage and underlying profitability continued
to improve. This reflected last year's strategic
progress and continued investment in our premium brands and online capability.
" The second half has started strongly for us, and we are
continuing to manage successfully input cost pressure. While
uncertainties remain, we expect to exceed revenue targets for the
year, and continue to be very optimistic about growth prospects
over the medium and long-term."
Science in Sport plc T: 020 7400 3700
Stephen Moon, CEO
James Simpson, CFO
Liberum (Nominated adviser and T: 020 3100 2000
broker)
Richard Lindley, James Greenwood,
Will Hall
KTZ Communications T: 020 3178 6378
Katie Tzouliadis, Dan Mahoney
About Science in Sport plc
www.sisplc.com
Headquartered in London, Science in Sport plc is a leading
sports nutrition business, which develops, manufactures and markets
innovative nutrition products for professional athletes, sports and
fitness enthusiasts and the active lifestyle community. The Company
has two highly regarded brands, PhD Nutrition, a premium
active-nutrition brand targeting the active lifestyle community,
and SiS, a leading endurance nutrition brand among elite athletes
and professional sports teams.
The two brands are sold internationally through the Company's
phd.com and scienceinsport.com digital platforms, third-party
online sites, including Amazon and Tmall, and an extensive retail
distribution in the UK and internationally, including major
supermarkets, high street chains and specialist sports retailers.
This omnichannel footprint enables the Company to address the full
breadth of the growing sports nutrition market.
PhD is one of the UK's leading active nutrition brands with a
reputation for high quality and product innovation. The brand has
grown rapidly, based on its core protein powders, since its launch
in 2005. The range now comprises powders, bars and supplements,
including the high protein, low sugar range, PhD Smart. PhD brand
ambassadors include leading fitness influencers Ross Edgley and Obi
Vincent. The PhD brand is an official partner to the Tough Mudder
Challenge and Race Series.
SiS, founded in 1992, has a core range comprising gels, powders
and bars focused on energy, hydration and recovery. SiS is an
official sports nutrition supplier to over 250 professional teams,
organisations and national teams around the world, including INEOS
Grenadiers Cycling Team. SiS supplies more than 150 professional
football clubs in the UK, Europe and the USA and is Performance
Research Partner to the English Football Association.
INTERIM REPORT
Introduction
Trading over the first half of the financial year recovered
well, gaining momentum as coronavirus pandemic restrictions lifted,
and the Group returned to over 20% revenue growth, overcoming
supply chain disruptions. Gross margin percentage and underlying
profitability continued to improve as we focussed on profitable
growth.
Revenue rose by 24% to GBP29.3m. Group gross margin percentage
increased to 52% from 48%, moving closer to our mid-50% target in
the medium term. Underlying* EBITDA improved by GBP0.8m to GBP0.6m,
which was after c.GBP0.7m of one-off Brexit-related costs.
These results built on continued progress with our strategic
objectives. We invested in our brand, improved our online platform
capability and strengthened our team in strategic areas to help
drive the next stage of the Group's growth.
Financial Results
Revenue for the six months to 30 June increased by 24% to
GBP29.3m (H1 2020: GBP23.6m). Both brands, PhD Nutrition ("PhD")
and SiS, showed good growth despite pandemic disruptions. Sales of
PhD products increased by 15% to GBP13.4m (H1 2020: GBP11.7m) and
sales of SiS products rose by 34% to GBP15.9m (H1 2020: GBP11.9m).
We continued to increase sales from international markets,
including the USA, and non-UK sales now account for approximately
40% of the total (H1 2020: 38%).
Online sales increased by 44% to GBP15.7m (H1 2020: GBP10.9m),
and made up 54% of total revenue (H1 2020: 46%). Sales via the
Group's own digital platforms increased by 35% to GBP7.7m (H1 2020:
GBP5.7m), and sales from marketplace sites rose by 53% to GBP8.0m
(H1 2020: GBP5.2m).
Gross profit increased by 36% to GBP15.2m (H1 2020: GBP11.2m)
and gross margin continued to improve, rising by 400bps to 52% (H1
2020: 48%). This improvement was mainly driven by supply chain
efficiencies, the continuing shift to digital sales and the product
mix. Underlying* EBITDA of GBP0.6m benefited from gross margin
progression as well as a tight focus on overheads, improving by
GBP0.8m on the same period last year (H1 2020: loss of GBP0.2m).
This was after approximately GBP0.7m of additional costs, arising
from Brexit. These extra costs fell away from September after a new
third-party logistics facility became operational.
We accelerated the Group's capital investment programme during
the period, investing a total of GBP2.7m (H1 2020: GBP0.9m). This
supported the launch of a new customer data platform, which is
integral to our digital growth strategy, and the first phase of
investment at the new, leased supply chain facility in Blackburn,
which we will take possession of in December 2021.
The Group's balance sheet remains robust, with GBP8.2m of cash
at bank at 30 June 2021 (31 December 2020: GBP10.5m and 30 June
2020: GBP9.0m). This was better than expected. We also retain a
GBP8.0m flexible invoice credit facility with our principal bank,
which remains unused.
*excludes depreciation, amortisation, share-based payments, and
foreign exchange variances on intercompany balances.
Operational Review
We are continuing to target revenues of GBP100m in the medium
term and our growth strategy remains unchanged, with a number of
principal levers.
Growing brand strength
Our product strategy remains to concentrate on science-led
innovation and superior customer service together with strong
premium brand awareness. The integrity of our products is a
critical differentiator and we believe that our approach to
banned-substance control is unmatched. The relationships and
partnerships we have established as official sports nutrition
supplier to over 250 professional teams, organisations and national
teams around the world demonstrate the world-class credentials of
our products.
We retain relationships with many leading professional sports
teams and, in May 2021, extended our partnership with the UK's
INEOS Grenadiers, one of the world's most successful cycling teams.
The new agreement continues our successful five year relationship
with INEOS Grenadiers, which supported the team's seven 'Grand
Tours' cycling victories. An important element in the relationship
is the provision of our Performance Solutions experts. These expert
nutritionists are embedded in the coaching team, and manage INEOS
Grenadiers' nutrition strategy.
Our Performance Solutions experts are similarly embedded in many
leagues and sports associations across a wide range of sports,
including the Welsh and Irish national football teams, England and
India's national cricket teams, and NBA (National Basketball
Association) teams.
Product innovation
New products generated GBP1.5m of sales, 26% of H1 sales growth,
and we have a strong pipeline of new products under development.
Post period, in July 2021, we launched a new, formulation of SiS's
'Beta Fuel' product range, a category-leading fuelling product. The
new formulation was developed over a number of years, with research
conducted at Liverpool John Moores University, the world-leading
sport science institution and supported British cyclist Tao
Geoghegan Hart's victory in the Giro d'Italia race in 2020.
In August 2021, we launched the PhD 'Life' range of premium
supplements. The new range marks a significant expansion of PhD's
offering and has been designed to optimise both physical and mental
well-being based on scientifically validated active ingredients. It
comprises products formulated to enhance particular aspects of
health, including gut health, sleep, mental performance and
metabolic wellness. As well as being aimed at PhD's core active
lifestyle audience, we expect 'Life' products to appeal to a wide
range of consumers, and early indications are very promising.
Digital and international expansion
Online sales are a major focus of our growth strategy,
particularly internationally, and we increased sales by 44% to
GBP15.7m from GBP10.9m last year. With 54% of total sales now being
generated digitally, up from 46% in H1 2020, we are making progress
towards our target of 70% of total sales coming from online.
Sales from our own websites increased by 35% in H1, with
continued strong growth in our key trading metrics including
average order value ("AOV") up 20%, and customers recorded on our
database up by 36%. During the first half, we launched websites for
PhD and SiS in Japan and South Korea, and are pleased with their
progress to date. The sites are growing well and gross margins are
already ahead of plan. We are now preparing for the launches of
websites in India and Middle East in the second half of the
year.
We also strengthened our trading team to support international
growth and made significant investment in our online trading
platform and internal technology team. This investment helped to
drive overall sales growth from both own websites and marketplace
sites up by 60% in the USA to GBP2.2m (H1 2020: GBP1.4m) and by 67%
in Germany, both strategic online markets.
Sales via marketplace sites, including Amazon, rose by 53% over
the period. This was mainly driven by the USA where dollar sales
nearly doubled compared to the same half last year. We increased
the online product range in our core markets and launched through
Amazon in France and the Netherlands. All key online trading
metrics were up as we continued to strengthen our marketplace
presence as a category leader.
Towards the end of the first half, we launched our new customer
data platform. This market-leading platform will help to drive a
deeper level of customer understanding and should improve marketing
efficiency and brand loyalty. We are already seeing a strong return
on investment from improved online personalisation and customer
targeting.
Retail sales recovering
UK and international retail sales returned to growth despite
ongoing pandemic restrictions in many of our key markets over the
period. Retail remains a highly profitable channel and a key driver
of brand awareness. It is also very helpful as a gauge of consumer
reaction to new product. UK retail sales were 8% higher at GBP8.4m
(H1 2020: GBP7.7m) with grocers growing well and new convenience
sector account wins. International retail sales increased by 6% to
GBP5.2m (H1 2020: GBP4.9m) with strong growth in Russia and
Germany. These results are after our exit from over 60 sub-scale
accounts in H2 2020 to focus on key accounts in scale markets.
Supply chain a key driver of margin growth
We continued to focus on supply chain efficiencies, which helped
to support the improvement in gross margin in the period. Our new
facility in Blackburn is expected to deliver further operational
and efficiency gains when it becomes fully operational, expected in
late Q1 2022. When completed, the Blackburn site will serve as
factory, warehouse and e-commerce dispatch facility for both
brands. The new eight-lane gel manufacturing plant has been ordered
and construction of the leased facility is on schedule. To mitigate
the impact of first half Brexit transition costs, we transferred
European customer dispatch to a third-party site in Italy, which
became fully operational during August.
Environmental, Social & Governance ("ESG")
We produced our first ESG report in 2020, and are building on
these foundations in order to establish more clearly our goals and
policies for the next few years. We are especially focused on
environmental and social matters this year, having adopted fully
the QCA Corporate Governance Code.
We achieved Carbon Neutral accreditation, following a carbon
audit of the Group. We see further opportunities to improve our
carbon footprint as we move to the new Blackburn site.
We introduced recyclable pouch packaging for PhD protein powders
at the start of the year, and this is now being extended to SiS
powder products. A free recycling scheme was also launched for
consumers to recycle all our gel, bar and sachet wrappers, which is
proving popular.
To support our colleagues with the continued impact of lockdown,
we ran 'Wellbeing Week' with a wide range of activities and
external experts providing well-being sessions. We extended our
employee assistance scheme and provided specific training for line
managers on looking after their teams.
In the summer, we took on the first cohort of interns in our new
initiative with Career Ready, a national social mobility charity.
This was supported by mentors from across the business, and
following the successful completion of the programme, we offered
several interns roles in the business.
We were pleased to gain formal accreditation as a 'Real Living
Wage' employer committed to paying a fair living wage based on the
cost of living.
People
On behalf of the Board, I would like to thank all my colleagues
for their hard work and efforts over the first half. The pandemic
continued to present challenges both professional and personal, and
I am deeply grateful for the commitment, resilience and energy our
teams have shown through this difficult period.
Outlook
After record monthly sales in June, sales in July and August
have performed very strongly, supported by our investment in
technology and brand. Online sales have accelerated and retail
sales have continued to recover. We are continuing to manage input
cost inflation. While there are still challenges and uncertainties
in the current environment, the Group remains very well-positioned
to exceed revenue targets for the financial year. We remain very
optimistic about growth prospects over the medium and
long-term.
Stephen Moon
Chief Executive Officer
Consolidated statement of comprehensive income
Six months ended 30 June 2021
Unaudited Unaudited Audited
six months six months twelve months
ended ended ended 31
30 June 30 June December
2021 2020 2020
Notes GBP'000 GBP'000 GBP'000
------------------------------------ --------------- ------------ ------------ ---------------
Revenue 29,264 23,579 50,351
Cost of goods (14,048) (12,336) (25,755)
------------------------------------ --------------- ------------ ------------ ---------------
Gross Profit 15,216 11,243 24,596
Total Costs (14,650) (11,484) (23,510)
Underlying operating profit
/ (loss) 3 566 (241) 1,086
Depreciation and amortisation (1,660) (1,561) (3,168)
Foreign exchange variances
on intercompany balances (44) 196 71
Share-based payment charges (1,418) (938) (226)
Loss from operations (2,556) (2,544) (2,237)
Finance income 4 4 43
Finance costs (57) (23) (79)
Loss before taxation (2,609) (2,563) (2,273)
Taxation benefit 4 1,223 286 545
------------------------------------ --------------- ------------ ------------ ---------------
Loss for the period (1,386) (2,277) (1,728)
------------------------------------ --------------- ------------ ------------ ---------------
Other comprehensive income
Cash flow hedges 10 70 171
Exchange difference on translation
of foreign operations 3 (36) (25)
Income tax relating to these
items (3) (13) (32)
------------------------------------ --------------- ------------ ------------ ---------------
Total comprehensive loss for
the period (1,376) (2,256) (1,614)
------------------------------------ --------------- ------------ ------------ ---------------
(Loss) per share to owners
of the parent
Basic and diluted 5 (1.0p) (1.8p) (1.3p)
------------------------------------ --------------- ------------ ------------ ---------------
All amounts relate to continuing operations
Consolidated statement of financial position
30 June 2021
Unaudited Unaudited Audited
six months six months twelve
ended 30 ended months
June 2021 30 June ended 31
2020 December
2020
GBP'000 GBP'000 GBP'000
------------------------------- ------------ ------------ -----------
Intangible assets 32,134 32,631 32,099
Right of use assets 449 610 520
Plant and equipment 2,905 1,629 1,847
Deferred tax asset 2,934 1,054 1,203
Total non-current assets 38,422 35,924 35,669
--------------------------------- ------------ ------------ -----------
Inventories 9,052 6,975 6,974
Trade and other receivables 11,768 10,164 9,841
Cash and cash equivalents 8,186 8,956 10,466
Total current assets 29,006 26,095 27,281
--------------------------------- ------------ ------------ -----------
Total assets 67,428 62,019 62,950
--------------------------------- ------------ ------------ -----------
Trade and other payables (15,916) (10,349) (11,838)
Lease liabilities (150) (151) (134)
Hire purchase agreement (77) (77) (75)
Derivative financial
instruments - (111) (10)
Total current liabilities (16,143) (10,688) (12,057)
--------------------------------- ------------ ------------ -----------
Net current assets 12,863 15,407 15,224
--------------------------------- ------------ ------------ -----------
Lease liabilities (291) (479) (412)
Hire purchase agreement (200) (273) (239)
Deferred tax liability (2,705) (2,333) (2,195)
--------------------------------- ------------ ------------ -----------
Total non-current liabilities (3,196) (3,085) (2,846)
--------------------------------- ------------ ------------ -----------
Total Liabilities (19,339) (13,773) (14,903)
Total net assets 48,089 48,246 48,047
--------------------------------- ------------ ------------ -----------
Share capital 6 13,510 13,510 13,510
Share premium reserve 51,839 51,832 51,839
Employee benefit trust (191) (191) (191)
Other reserve (907) (907) (907)
Foreign exchange reserve (52) (91) (55)
Cash Flow hedge reserve 1 (66) (9)
Retained deficit (16,111) (15,841) (16,140)
Total Equity 48,089 48,246 48,047
--------------------------------- ------------ ------------ -----------
Consolidated statement of cash flows
Six months ended 30 June 2021
Unaudited Unaudited Audited
six months six months twelve
ended 30 ended months
June 2021 30 June ended 31
2020 December
2020
GBP'000 GBP'000 GBP'000
---------------------------------------- ------------ ------------ ----------
Cash flows from operating activities
Loss after tax (1,386) (2,277) (1,728)
Adjustments for:
Amortisation 1,274 1,156 2,384
Amortisation of right-of-use assets 69 85 169
Depreciation 317 320 615
Taxation benefit (1,223) (286) (545)
Share-based payment charges 1,418 938 226
Operating cash inflow / (outflow)
before changes in working capital 469 (64) 1,121
---------------------------------------- ------------ ------------ ----------
Changes in inventories (2,078) (834) (833)
Changes in trade and other receivables (1,927) 763 1,086
Changes in trade and other payables 4,076 492 1,770
Total cash inflow / (outflow)
from operations 540 357 3,144
---------------------------------------- ------------ ------------ ----------
Cash flow from investing activities
Purchase of property, plant and
equipment (1,373) (179) (697)
Purchase of intangible assets (1,309) (721) (1,417)
Net cash outflow from investing
activities (2,682) (900) (2,114)
---------------------------------------- ------------ ------------ ----------
Cash flow from financing activities
Gross Proceeds from issue of share
capital - 4,544 4,544
Share issue costs - (313) (306)
Principal paid on lease liabilities (85) (76) (148)
Interest paid on lease liabilities (57) (23) (25)
Finance income 4 (4) -
Net cash (outflow)/inflow from
financing activities (138) 4,128 4,065
---------------------------------------- ------------ ------------ ----------
Net increase / (decrease) in cash
and cash equivalents (2,280) 3,585 5,095
Opening cash and cash equivalents 10,466 5,371 5,371
Closing cash and cash equivalents 8,186 8,956 10,466
---------------------------------------- ------------ ------------ ----------
Consolidated statement of changes in equity
Share Share Employee Other Foreign Cash Flow Retained Total Equity
Capital Premium Benefit Reserve Exchange Hedge Deficit
trust Reserve Reserve
Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- --------- ------------- ------------ --------- ---------- ---------- --------- -------------
Balance at 31
December 2019 12,282 48,829 (193) (907) (30) (148) (14,636) 45,197
--------------- --------- ------------- ------------ --------- ---------- ---------- --------- -------------
Comprehensive
Income
Total
comprehensive
loss
for the
period - - - - - 57 (2,277) (2,220)
Transactions
with owners
Issue of
shares -
consideration 1,228 3,003 - - - - - 4,231
Exercise of
options - - 2 - - - (2) -
Share-based
payments
charge - - - - - - 1,074 1,074
FX on
translation
of foreign
subs - - - - (36) - - (36)
Balance at 30
June 2020 13,510 51,832 (191) (907) (66) (91) (15,841) 48,246
--------------- --------- ------------- ------------ --------- ---------- ---------- --------- -------------
Comprehensive
Income
Total
comprehensive
loss
for the
period - - - - - 82 549 631
Transactions
with owners
Transaction
cost of
placing - 7 - - - - - 7
Recognition of
share-based
payments
charge - - - - - - (848) (848)
FX on
translation
of foreign
subs - - - - 10 - - 11
Balance at 31
December 2020 13,510 51,839 (191) (907) (55) (9) (16,140) 48,047
--------------- --------- ------------- ------------ --------- ---------- ---------- --------- -------------
Comprehensive
Income
Total
comprehensive
loss
for the
period - - - - 3 10 (1,389) (1,376)
Transactions
with owners
Share-based
payments
charge - - - - - - 1,418 1,418
Balance at 30
June 2021 13,510 51,839 (191) (907) (52) 1 (16,111) 48,089
--------------- --------- ------------- ------------ --------- ---------- ---------- --------- -------------
Notes to the interim financial information
For the six months ended 30 June 2021
1. Basis of preparation
This interim report has been prepared using the same accounting
policies as those applied in the annual financial statements for
the year ended 31 December 2020.
The Directors believe that operating profit / (loss) before
depreciation, amortisation, share based payments, foreign exchange
variances on intercompany balances and exceptional items measure
provides additional useful information for shareholders on
underlying trends and performance. This measure is used for
internal performance analysis.
Underlying operating profit / (loss) is not defined by IFRS and
therefore many not be directly comparable with other companies'
adjusted profit measures. It is not intended to be suitable
substitute for, or superior to IFRS measurements of profit. A
reconciliation of underlying operating profit to statutory
operating profit is set out on the face of the statement of
comprehensive income.
The condensed financial information herein has been prepared
using accounting policies consistent with International Financial
Reporting Standards in conformity with the requirements of the
Companies Act 2006 ("adopted IFRS") and as applied in accordance
with the proivison sof the Companies Act 2006. While the financial
figures included in this interim report have been prepared in
accordance with IFRS applicable for interim periods, this interim
report does not contain sufficient information to constitute an
interim financial report as defined in IAS 34. The Company has
taken advantage of the exemption not to apply IAS 34 'Interim
Financial Reporting' since compliance is not required by AIM listed
companies.
This interim report does not constitute statutory accounts as
defined in section 434 of the Companies Act 2006 and has been
neither audited nor reviewed by the Company's auditors BDO LLP,
pursuant to guidance issued by the Auditing Practices Board.
The interim report should be read in conjunction with the annual
financial statements period ended 31 December 2020.
The statutory Accounts for the last period ended 31 December
2020 were approved by the Board on 16 March 2021 and are filed at
Companies House. The report of the auditors on those accounts was
unqualified, did not draw attention to any matters by way of
emphasis and did not contain a statement under section 498 of the
Companies Act 2006.
The unaudited interim report was authorised by the Company's
Board of Directors on 14 September 2021.
2. Segmental reporting
Operating segments are identified on the basis of internal
reporting and decision making. The Group's Chief Operating Decision
Maker ("CODM") is considered to be the Board, with support from the
senior management teams, as it is primarily responsible for the
allocation of resources to segments and the assessments of
performance by segment.
The Group's reportable segments have been split into the two
brands, SiS and PhD Nutrition. Operating segments are reported in a
manner consistent with the internal reporting provided to the CODM
as described above. The reportable segments are consistent with
2020 year end financial statements.
Unaudited six months ended
30 June 2021
SiS PhD Total
GBP'000 GBP'000 GBP'000
Sales 15,895 13,369 29,264
-------------------------- --------- --------- ---------
Gross profit 10,114 5,102 15,216
Marketing costs (3,385) (2,130) (5,515)
Carriage (2,979) (802) (3,781)
Online selling costs (504) (50) (554)
-------------------------- --------- --------- ---------
Trading contribution 3,246 2,120 5,366
Other operating expenses (7,922)
-------------------------- --------- --------- ---------
Loss from Operations (2,556)
========================== ========= ========= =========
Unaudited six months ended
30 June 2020
SiS PhD Total
GBP'000 GBP'000 GBP'000
Sales 11,910 11,669 23,579
-------------------------- --------- --------- ---------
Gross profit 7,118 4,125 11,243
Marketing costs (2,429) (1,451) (3,880)
Carriage (1,843) (667) (2,510)
Online selling costs (347) (26) (373)
-------------------------- --------- --------- ---------
Trading contribution 2,499 1,981 4,480
Other operating expenses (7,024)
-------------------------- --------- --------- ---------
Loss from Operations (2,544)
========================== ========= ========= =========
Year ended
31 December 2020
SiS PhD Total
GBP'000 GBP'000 GBP'000
Sales 25,408 24,943 50,351
-------------------------- -------- -------- ---------
Gross profit 15,665 8,931 24,596
Marketing costs (5,278) (2,869) (8,147)
Carriage (4,051) (1,339) (5,390)
Online selling costs (748) (87) (835)
-------------------------- -------- -------- ---------
Trading contribution 5,588 4,636 10,224
Other operating expenses (12,461)
-------------------------- -------- -------- ---------
Loss from Operations (2,237)
========================== ======== ======== =========
3. Operating expenses
Unaudited six Unaudited Audited twelve
months ended six months months ended
30 June 2021 ended 30 31 December
June 2020 2020
GBP'000 GBP'000 GBP'000
------------------------------- -------------- ------------ ---------------
Sales and marketing costs 9,850 6,763 14,372
------------------------------- -------------- ------------ ---------------
Operating Costs 4,800 4,721 9,138
Depreciation and amortisation 1,660 1,561 3,168
Foreign exchange variances
on intercompany balances 44 (196) (71)
Share-based payments 1,418 938 226
Administrative Costs 7,922 7,024 12,461
Total costs 17,772 13,787 26,833
------------------------------- -------------- ------------ ---------------
4. Taxation
The corporation tax and deferred tax for the six months ended 30
June 2021 has been calculated with reference to the estimated
effective tax rate on the operating results for the full year and
taking into account movements in deferred tax assets and
liabilities.
5. Loss per share
Basic and diluted loss per share is calculated by dividing the
loss attributable to owners of the parent by the weighted average
number of ordinary shares in issue during the period.
Unaudited Unaudited Audited
six months six months twelve months
ended 30 June ended 30 ended 31
2021 June 2020 December
2020
GBP'000 GBP'000 GBP'000
----------------------------------- --------------- ------------ ---------------
(Loss) for the financial period (1,386) (2,277) (1,728)
Number of shares Number Number Number
'000 '000 '000
Weighted average number of shares 135,101 127,340 129,373
EPS Summary
Basic and diluted loss per share (1.0p) (1.8p) (1.3p)
----------------------------------- --------------- ------------ ---------------
6. Share Capital
The number of ordinary shares in issue as at 30 June 2021 is
135,100,931 shares (31 December 2020 135,100,931).
The number of shares held by the EBT and referred to as Treasury
shares was 1,789,865 (31 December 2020: 1,914,144).
7. Cautionary statement
This document contains certain forward-looking statements with
respect to the financial condition, results and operations of
business. These statements involve risk and uncertainty as they
relate to events and depend on circumstances that will incur in the
future. Nothing in this interim report should be construed as a
profit forecast.
8. Copies of the interim report
The interim report for the six months ended 30 June 2021 can be
downloaded from the Company's website www.sisplc.com . Further
copies can be obtained by writing to the Company Secretary, Science
in Sport plc, 16-18 Hatton Garden, Farringdon, London, EC1N
8AT.
This information is provided by RNS, the news service of the
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END
IR VZLFFFKLLBBL
(END) Dow Jones Newswires
September 15, 2021 02:00 ET (06:00 GMT)
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